Manchester United blame Donald Trump's tax reforms for high-year loss

Manchester United have posted a half-year loss, blaming an overhaul of the US tax system by Donald Trump.

The reforms by the US President saw the corporate tax rate cut from 35% to 21% late last year and the changes forced the American-owned club to make an accounting write-off of £48.8m.

This left the team, which is controlled by the Glazer family and listed on the New York Stock Exchange, with a loss of £12.87m in the first half of the financial year.

Chief financial officer Cliff Baty said: "(The tax changes) should be beneficial to the club in the long term; however, we are still working through the details of the potential impact of the more complex aspect of the reforms with our advisers.

"This is a non-tax accounting charge only, which has no impact on our financial competitiveness nor our ability to meet Financial Fair Play regulations."

There was slightly better news in the team's quarterly results: an operating profit.

But the £28.7m in the three months to the end of December was down 23.7% on the same quarter in 2016.

Executive vice chairman Ed Woodward said the team's "solid business model" had still allowed it to "invest in the future of the club" by extending manager Jose Mourinho's contract as manager and acquiring Alexis Sanchez from Arsenal.

While revenue increased 3.8% to £163.9m in the same period - the second quarter of its 2017-18 financial year - salary expenses were 9.4% higher, at £69.9m.

Much of this increase is because players were paid more after the team secured a slot in the cash-rich Champions League for the current season, following a one-year absence.

Meanwhile, bids for the domestic rights to broadcast Premier League matches are due to be submitted by Friday 9 February.

Sky and BT currently share the rights in a three-year deal worth £5.14bn.